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Committee on Education and LaborHigher Education and Workforce InvestmentIntroducedSeptember 29th, 2010
- house Committees
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To amend the Higher Education Act of 1965 to provide for the refinancing of certain private education loans for physicians practicing primary care medicine.
Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to refinance the private education loans of individuals who are participating in a residency program in: (1) family medicine; (2) obstetrics/gynecology; (3) general internal medicine; (4) gerontology; (5) general pediatrics; or (6) general psychiatry. Sets the interest rate on the refinanced loans at 8.25%. Requires the refinanced loans to have the same terms and conditions as a Direct Consolidation Loan, except they are made ineligible for: (1) consolidation with another loan eligible for consolidation under title IV; (2) income-based repayment terms under title IV; or (3) any loan forgiveness or cancellation under title IV or the Public Health Service Act, except in the case of death or permanent and total disability.